Oil prices stabilize after sharp declines

Oil prices stabilized during trading today, after the sharp declines recorded in the previous session.

Brent crude futures fell by 21 cents, or 0.22%, to record $95.24 per barrel by 00:03 GMT, after falling by 2.84% at the close of yesterday’s session.

US West Texas Intermediate crude also fell by 10 cents, or 0.11%, to $92.94 per barrel, after declining by 3.1% in Thursday’s session.

Despite these declines, the two crude oils are heading to record their first weekly gains in three weeks, with West Texas Intermediate crude rising by more than 6% since the beginning of the week.